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Full-Text Articles in Law
Clarifying Murky Mers: Does Mortgage Electronic Registration Systems, Inc., Have Authority To Assign The Mortgage Note In A Standard Illinois Foreclosure Action?, Kevin M. Hudspeth
Clarifying Murky Mers: Does Mortgage Electronic Registration Systems, Inc., Have Authority To Assign The Mortgage Note In A Standard Illinois Foreclosure Action?, Kevin M. Hudspeth
Northern Illinois University Law Review
As the number of mortgage foreclosure actions has substantially increased over recent years, legal scrutiny of the mortgage foreclosure process has likewise increased. The question of whether a little known corporation called Mortgage Electronic Registration Systems, Incorporated (MERS) has authority to assign the promissory note secured by a mortgage has become an important question faced by courts in recent months and years. Due to the frequency with which mortgage notes are traded on the secondary mortgage market, the plaintiff in a mortgage foreclosure action is rarely the same party who originated the loan. Under Illinois law, the party entitled to …
Less Than Perfected: Uncertainty In Illinois Judgment Lien Law, Frank Stepnowski
Less Than Perfected: Uncertainty In Illinois Judgment Lien Law, Frank Stepnowski
Northern Illinois University Law Review
Attempting to reduce the confusion surrounding Illinois judgment lien law, the author explores contradictory decisions of the past involving levy and execution, chancery's creditor's bill, and citation to discover assets. The article calls for clarification and specific reforms of Illinois's Article XII of the Code of Civil Procedure to conform judgment collection procedures with modern practice, the Bankruptcy Code, and the UCC.
U.C.C. Section 2-702(2): A Unsecured Seller's Right To Reclaim Goods, William C. Sturm
U.C.C. Section 2-702(2): A Unsecured Seller's Right To Reclaim Goods, William C. Sturm
Northern Illinois University Law Review
This Article is an analysis of the commercial setting in which a seller ships goods to a purchaser on credit and later discovers the buyer is insolvent. Under the Uniform Commercial Code, a possibility exists that the seller can recover the goods. This Article explores the rights and remedies available to the seller, and examines the problematic history of Uniform Commercial Code Section 2-702(2) as it relates to this problem.